/raid1/www/Hosts/bankrupt/TCRAP_Public/240124.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, January 24, 2024, Vol. 27, No. 18
Headlines
A U S T R A L I A
D W SULLIVAN: Second Creditors' Meeting Set for Jan. 30
DVNT PTY: Second Creditors' Meeting Set for Jan. 29
FICOGI ENGINEERING: First Creditors' Meeting Set for Jan. 30
FIRETEC (NSW): Second Creditors' Meeting Set for Jan. 30
INDIE ADVICE: ASIC Cancels AFS Licence
LYGON 1B: Collapses Into Liquidation Owing AUD14 million
STARLEATON: Enters Into Voluntary Administration
TOP LIFT: Second Creditors' Meeting Set for Jan. 30
C H I N A
[*] CHINA: Properties Listed for Auctions Hits Record High in 2023
I N D I A
AADYA PLAST: CARE Keeps B- Debt Rating in Not Cooperating Category
AGNIBINA FOODS: CARE Keeps B- Debt Rating in Not Cooperating
AMUL FEED: CARE Keeps D Debt Rating in Not Cooperating Category
ANKIT METAL: Insolvency Resolution Process Case Summary
BSR SUPER: Insolvency Resolution Process Case Summary
BUNDELA EXPORTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
C. P. SPONGE: CARE Keeps D Debt Rating in Not Cooperating Category
CAUVERY BUILDTECH: CARE Keeps C Debt Rating in Not Cooperating
CHEMTRADE OVERSEAS: ICRA Keeps B+ Debt Ratings in Not Cooperating
DIVYA SPINNING: CARE Assigns C Rating to INR13.96cr LT Loan
EUROLIFE HEALTHCARE: Liquidation Process Case Summary
GRAVITATE VENTURES: Voluntary Liquidation Process Case Summary
HIRIYUR URBAN: RBI Cancels Bank's Licence Citing Weak Financials
INNOVASSYNTH TECHNOLOGIES: CARE Cuts Rating on LT Loan to B+
JEPH BEV: Liquidation Process Case Summary
KATHA-O-KAHINI: Insolvency Resolution Process Case Summary
M VENKATACHALAPATHI: ICRA Keeps B+ Ratings in Not Cooperating
MAHASHAKTI COLD: CARE Keeps B Debt Rating in Not Cooperating
MITHUN REDDY: CARE Keeps B- Debt Rating in Not Cooperating
N. D. PLASTICS: ICRA Keeps B- Debt Ratings in Not Cooperating
NAYATI HEALTHCARE: Insolvency Resolution Process Case Summary
POLYMECH COMPONENTS: CARE Keeps B- Debt Rating in Not Cooperating
PS TOLL: ICRA Hikes Rating on INR708cr Term Loan to C+
RAMESHWAR TEXTILE: Insolvency Resolution Process Case Summary
SAT INDIA: ICRA Lowers Rating on INR5.50cr LT Loan to D
SATHYA LIFESTYLES: CARE Keeps D Debt Rating in Not Cooperating
SHARADA AYURVEDIC: CARE Keeps C Debt Rating in Not Cooperating
SINGRAULI FINLEASE: CARE Keeps D Debt Ratings in Not Cooperating
STERLING GLOBAL: CARE Keeps D Debt Rating in Not Cooperating
SUN-POWER METALICS: Insolvency Resolution Process Case Summary
SUPERFINE PROFILE: Insolvency Resolution Process Case Summary
TAJSHREE CARS: CARE Keeps D Debt Rating in Not Cooperating
TDRL TRADING CO: CARE Lowers Rating on INR4cr LT Loan to B-
TEJAS TRADEFIN: Insolvency Resolution Process Case Summary
TIRUPATI EXPORT: CARE Keeps C Debt Rating in Not Cooperating
USHA PRABHA: CARE Keeps B- Debt Rating in Not Cooperating Category
VARUTHA DEVELOPERS: Insolvency Resolution Process Case Summary
VASTRANI EXPORT: Insolvency Resolution Process Case Summary
VEERAJ CONSTRUCTION: ICRA Keeps D Debt Ratings in Not Cooperating
WATERFRONT BUILDCON: Insolvency Resolution Process Case Summary
WEISSHORN REALTY: ICRA Reaffirms B Rating on INR195cr NCDs
YASHODA COLD: CARE Keeps B- Debt Rating in Not Cooperating
M A L A Y S I A
1MDB: Malaysia Considers Legal Proceedings Against Foreign Banks
CAPITAL A: Has Until June 30 to Submit PN17 Regularization Plan
N E W Z E A L A N D
ALISHA'S FINE FOOD: Court to Hear Wind-Up Petition on March 8
BOXER GROUP: Shopping Warranty Service Goes Into Liquidation
CAMERON REALTY: Court to Hear Wind-Up Petition on Feb. 12
DYNAMIC OUTDOOR: Creditors' Proofs of Debt Due on Feb. 9
GLOBAL PROTEIN: Waterstone Insolvency Appointed as Receivers
LITTLE LONDON: BDO Tauranga Appointed as Liquidators
S I N G A P O R E
BC CONCEPT: Court to Hear Wind-Up Petition on Feb. 2
EMBRIO CONSULTING: Creditors' Meetings Set for Feb. 2
FABU PACKAGING: Court to Hear Wind-Up Petition on Feb. 9
HEILA CRANES: Creditors' Proofs of Debt Due on Feb. 19
RISEBRID PTE: Court to Hear Wind-Up Petition on Feb. 9
TERRAFORM LABS: Case Summary & 15 Unsecured Creditors
TERRAFORM LABS: Files for Bankruptcy Protection in US
- - - - -
=================
A U S T R A L I A
=================
D W SULLIVAN: Second Creditors' Meeting Set for Jan. 30
-------------------------------------------------------
A second meeting of creditors in the proceedings of D W Sullivan
Windows Pty Ltd has been set for Jan. 30, 2024 at 11:00 a.m. at
Epiphany Room at Space & Co, Level 2, 100 Queen Street in Melbourne
and via Zoom facilities.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 29, 2024 at 4:00 p.m.
Garth O'Connor-Price, Laurence Fitzgerald and Christopher Bergin of
William Buck were appointed as administrators of the company on
Dec. 13, 2023.
DVNT PTY: Second Creditors' Meeting Set for Jan. 29
---------------------------------------------------
A second meeting of creditors in the proceedings of DVNT Pty Ltd
has been set for Jan. 29, 2024 at 10:30 a.m.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 28, 2024 at 5:00 p.m.
Lee Crosthwaite of Worrells was appointed as administrator of the
company on Dec. 12, 2023.
FICOGI ENGINEERING: First Creditors' Meeting Set for Jan. 30
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Ficogi
Engineering Pty Ltd will be held on Jan. 30, 2024 at 11:30 a.m. via
virtual meeting only.
Cameron Gray of DW Advisory was appointed as administrator of the
company on Jan. 17, 2024.
FIRETEC (NSW): Second Creditors' Meeting Set for Jan. 30
--------------------------------------------------------
A second meeting of creditors in the proceedings of Firetec (NSW)
Pty Ltd has been set for Jan. 30, 2024 at 11:30 a.m. at the offices
of Greengate Advisory at Suite 32.02 Level 32, 31 Market Street in
Sydney and via Zoom platform.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 29, 2024 at 4:00 p.m.
John Chand and Patrick Loi of Greengate Advisory NSW were appointed
as administrators of the company on Dec. 18, 2023.
INDIE ADVICE: ASIC Cancels AFS Licence
--------------------------------------
Australian Securities & Investments Commission (ASIC) has cancelled
the Australian financial services (AFS) licence of Sydney-based
financial services provider Indie Advice Pty Ltd.
The licence cancellation took effect on Jan. 19, 2024.
The licence was cancelled after ASIC became aware that Indie Advice
had not been providing financial services for some time. Under the
Corporations Act, ASIC may suspend or cancel an AFS licence if the
licensee has ceased providing financial services.
Indie Advice has held AFS licence no. 511786 since Oct. 23, 2018.
It was authorised to provide financial product advice to retail and
wholesale clients.
The licence continues in effect until June 30, 2024, for the
purpose of keeping internal and external dispute resolution schemes
operating.
LYGON 1B: Collapses Into Liquidation Owing AUD14 million
--------------------------------------------------------
News.com.au reports that an Australian blockchain start-up lauded
as the future of banking and backed by some of the country's
biggest financial institutions has collapsed.
News.com.au can reveal that Lygon went into liquidation with debts
of AUD14.3 million last year, according to a statutory report
lodged with the corporate regulator at the end of 2023.
Lygon, headquartered in Sydney but with subsidiaries in New Zealand
and Singapore, had the banking community fawning over it when
launched five years ago.
ANZ, CBA, Westpac, IBM and Scentre Group created the company as a
joint venture to digitise bank guarantees using blockchain
technology, the report says.
Bank guarantees are where banks vouch that a business can pay back
a debt. News.com.au relates that Lygon was aiming to make the
process less onerous, saving money and time by removing the need
for these guarantees to be couriered on paper documents.
According to news.com.au, the blockchain business was the subject
of numerous articles in The Australian Financial Review and several
trade press publications, including to report that it had raised
AUD12.75 million in a crowd-funding campaign.
But just over a year later, in June 2023, the fintech appointed
administrators then went into liquidation a few months after that,
news.com.au relates.
A staff member who invested money into Lygon and who also convinced
their family to invest is lamenting the sorry saga.
"Staff are owed a lot of money. It is a sad state of affairs,"
Russell told news.com.au on the condition of anonymity.
Lygon valued its own intellectual property at AUD5.1 million.
In October, its IP was sold to "a consortium comprising of an
investment fund and former senior executives of the company,"
according to the appointed liquidator, Trent Hancock of insolvency
Hamilton Murphy.
News.com.au says the firm's technology ended up being sold for one
tenth of its initial valuation, at just AUD500,000, back to some on
Lygon's previous leadership team.
As well as purchasing the technology platform, Lygon's other assets
were also acquired, such as its registered trade marks, domain
names, social media accounts, general office equipment and supplier
contracts.
At time of writing, Lygon's previous domain, lygon.com, had not
been claimed, news.com.au says.
About Lygon 1B
Based in Sydney, Australia, and founded in 2017, Lygon 1B Pty Ltd.
operates as a developer of a blockchain-based platform for
digitizing the bank guarantee process.
Geoffrey Trent Hancock of Hamilton Murphy was appointed as
administrator of the company on June 2, 2023.
STARLEATON: Enters Into Voluntary Administration
------------------------------------------------
Sprinter reports that hardware and consumables supplier,
Starleaton, has entered voluntary administration.
Companies contacted by Sprinter who supply Starleaton said they
were surprised by the news and were unaware that the business was
facing any financial difficulties.
Starleaton locally represented companies including Canon, Zund,
Epson, and Neschen.
Sprinter understands Starleaton staff were asked to go home on Jan.
19 as administrators arrived to assume control of the business.
Starleaton was established in 1978 and describes itself as one of
the industry's leading suppliers of technology and consumables to
the graphic imaging market including outdoor and indoor signage,
display, point of purchase, window and floor-mounted graphics.
Since its 2016 acquisition of DES, the company's reach has extended
into packaging, commercial printing, photographic, fine art,
CAD/GIS, high-end colour management, and soft proofing.
"With six locations across the ANZ region from Perth to Auckland we
have grown to be Australia and New Zealand's largest family-run
supplier to the Sign, Display and Photo/Fine Art sectors," the
company said.
TOP LIFT: Second Creditors' Meeting Set for Jan. 30
---------------------------------------------------
A second meeting of creditors in the proceedings of Top Lift
Scaffolding Pty Ltd has been set for Jan. 30, 2024 at 12:00 p.m.
via Microsoft Teams.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 29, 2024 at 5:00 p.m.
David Henry Sampson and Maxwell William Prentice of BPS Recovery
were appointed as administrators of the company on Dec. 13, 2023.
=========
C H I N A
=========
[*] CHINA: Properties Listed for Auctions Hits Record High in 2023
------------------------------------------------------------------
Yicai Global reports that the number of properties listed for
judicial auctions in China surged 37 percent to a record 796,000
units last year due to real estate developers' mismanagement and
owners' inability to repay loans or debt disputes.
There were 149,000 transactions of properties listed for judicial
auctions last year, up 20,200 from the previous year, Yicai
discloses citing data from the China Index Academy, which monitors
judicial auctions in 355 cities in the country. The transaction
value was nearly identical at about CNY300.4 billion (USD42
billion).
Properties listed for judicial auctions refer to those subject to
compulsory auctions, Yicai notes. The number of residential homes
made available for such auctions surged 70 percent to 389,000
units, while that of commercial properties rose 23 percent to
224,000 units.
According to Yicai, the increase in judicially auctioned properties
was closely related to a surge in banks' property-related
non-performing loans. The balance of real estate NPLs issued to
firms by 18 major listed banks tallied CNY297 billion (USD41.5
billion) as of June 30, a CNY20.9 billion (USD2.9 billion) jump
from the end of 2022.
Banks used to regard individuals' mortgages as the most secure
asset, but the rates of NPLs have risen over recent years.
Eight lenders, including China Construction Bank, Industrial and
Commercial Bank of China, Agricultural Bank of China, and Bank of
China, issued 22 non-performing asset-backed securities for
personal mortgages worth CNY22.5 billion to 107,300 borrowers last
year, according to data from ChinaBond.Com.Cn, the bond information
website run by China Central Depository & Clearing.
In comparison, Industrial and Commercial Bank of China, China
Construction Bank, Postal Savings Bank of China, Industrial Bank,
and Shanghai Pudong Development Bank issued eight mortgage-related
non-performing ABSs worth around CNY8.5 billion in 2022, Yicai
discloses.
=========
I N D I A
=========
AADYA PLAST: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aadya Plast
(AP) continues to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.80 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 29,
2022, placed the rating(s) of AP under the 'issuer non-cooperating'
category as AP had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 15, 2023, October 25, 2023, November 4, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Uttar Pradesh based Aadya Plast (AP) was established in 2014 as a
partnership firm and is currently being managed by Mr. Vinod Kumar
Rungta, Mr. Ankit Rungta and Mr. Gaurav Rungta. The firm is engaged
in manufacturing of pet preform which is in the form of capsule and
is used to make the plastic bottles. AP is also engaged in
manufacturing of bottling cap and is authorized dealer of Oriental
Caps Ltd, Goa.
AGNIBINA FOODS: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Agnibina
Foods Private Limited (AFPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.72 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.49 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 22,
2022, placed the rating(s) of AFPL under the 'issuer
non-cooperating' category as AFPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. AFPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 8, 2023, October 28, 2023, January 8,
2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Agnibina Foods Private Limited (AFPL), incorporated in April 2012,
was promoted by one Mr. Biswajit Hazra and three other directors of
Burdwan district of West Bengal, to set up a rice milling &
processing unit and sale of its by-products like rice bran etc. in
the domestic market. After incorporation, the company was engaged
to setup a rice mill unit at Raina in Burdwan and the commercial
operation has started from April 2014. The day-to-day affairs of
the company are looked after by Mr. Biswajit Hazra (Director) with
adequate support from other three directors and a team of
experienced personnel.
AMUL FEED: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Amul Feed
Private Limited (AFPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.40 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 30,
2022, placed the rating(s) of AFPL under the 'issuer
non-cooperating' category as AFPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. AFPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 16, 2023, October 26, 2023, November 5,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Amul Feed Private Limited. (AFPL) incorporated in September 1997 as
Ahmad Vyapar Pvt Ltd, (AVPL) to setup a trading business near Patna
and remained dormant thereafter. During December 2003, present
promoters took over the business of AVPL and rechristened as AFPL
and initiated a hatchery business. In recent past, the company has
completed a poultry feed production unit at Ranipur Chak- Patna.
The unit has started operation from January 2015. The day-to-day
affairs of the company are looked after by Mr. Ashok Kumar Singh
(Director) with adequate support from other three directors and a
team of experienced personnel.
ANKIT METAL: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Ankit Metal and Power Limited
Registered Office:
35, Chittaranjan Avenue, Kolkata,
West Bengal, India, 700012
Corporate Office:
SKP House 132A, Shyama Prasad Mukherjee Road,
Kolkata, West Bengal, India, 700026
Insolvency Commencement Date: December 20, 2023
Estimated date of closure of
insolvency resolution process: June 17, 2024 (180 Days)
Court: National Company Law Tribunal, Kolkata Bench
Insolvency
Professional: Rajesh Kumar Agrawal
1, Ganesh Chandra Avenue, 3rd Floor,
Room No 301, Kolkata- 700013
Email: rajesh521@yahoo.com
Email: cirp.ankitmetal@gmail.com
Last date for
submission of claims: January 4, 2024
BSR SUPER: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: BSR Super Speciality Hospitals Limited
15-Commercial Complex, Nehru Nagar (E),
Bhilai, Durg, Chhattisgarh-490020
Insolvency Commencement Date: January 3, 2024
Estimated date of closure of
insolvency resolution process: July 1, 2024
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Anuj Bajpai
708, Raheja Centre, Nariman Point,
Mumbai-400021 Maharashtra
Email:anuj19603@yahoo.co.in
Email: cirpbsr@outlook.com
Last date for
submission of claims: January 17, 2024
BUNDELA EXPORTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Bundela Exports in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable) ; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 4.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Bundela Exports, ICRA has been trying to seek information from
the entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
BE was set up in 2000 by Bundela family in Lalitpur, Uttar Pradesh.
Mr Sujan Singh Bundela, Chandra Bhushan Singh Bundela and Shri
Shashi Bhushan Singh Bundela are the promoters of business having
equal profit sharing. The firm engaged in processing of granite
blocks into granite stones with an existing production capacity of
10000 CBM per annum.
C. P. SPONGE: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of C. P.
Sponge Iron Private Limited (CPSIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 20.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 24,
2022, placed the rating(s) of CPSIPL under the 'issuer
non-cooperating' category as CPSIPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. CPSIPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 10, 2023, October 20,
2023, October 30, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
C.P. Sponge Iron Private Limited (CPSIPL) incorporated in the year
2002, was promoted by Chawla family belonging to West Bengal. The
company commenced operation since July, 2008. CPSIPL is engaged in
the manufacturing of sponge iron at its plant located at Durgapur,
West Bengal. All the directors look after the day to day activities
of the business along with a team of experienced professionals who
are having long experience in similar line of business.
CAUVERY BUILDTECH: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Cauvery
Buildtech (CB) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2.50 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 3.75 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 14,
2022, placed the rating(s) of CB under the 'issuer non-cooperating'
category as CB had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. CB continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 30, 2023, November 9, 2023, November 19, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Cauvery Buildtech (CB) was established in 2007, as a Partnership
firm promoted by Mr. R. Sekar along with his family members. The
firm is engaged in Interior Turnkey Contracting Services for
commercial and residential projects like Electrical Works, Fire and
Safety Security products, Structured Cabling, Civil & Interior
works, Drawer Slides, Auto Closing Hinges, Furniture Fittings,
Computer Furniture Fittings, Joinery Fittings, Wardrobe Fittings,
Architectural Fitting, Lever, Pull Lever Handles and Kitchen
accessories like Pooja Cabinets, Crockery Cabinets, TV Cabinets and
Shoe Racks etc.
CHEMTRADE OVERSEAS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the long-term rating of Chemtrade Overseas Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 20.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Chemtrade Overseas Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Chemtrade Overseas Private Limited was incorporated in 1992 and
began its operations in the same year. The company trades in
various chemicals, which find application mainly in the
petrochemicals, pharmaceuticals, paints, textiles, laminates,
pesticides, textile, cosmetics etc. The company's registered office
is in Mumbai.
DIVYA SPINNING: CARE Assigns C Rating to INR13.96cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Divya
Spinning Mill Private Limited (DSM), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.96 CARE C; Stable; Assigned
Facilities
Long Term Bank 38.04 CARE C; Stable; Rating removed
Facilities from ISSUER NOT COOPERATING
category and Reaffirmed
Short Term Bank 4.00 CARE A4; Rating removed
Facilities from ISSUER NOT COOPERATING
category and Reaffirmed
Rationale and key rating drivers
The ratings assigned to the bank facilities of DSM are constrained
by the company's modest scale of operation, weak debt protection
metrics, stretched liquidity with elongated operating cycle, profit
margins exposed to volatility in raw material prices. The ratings,
however, derive strength from vast experience of the promoters in
the textile industry.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Improvement in Debt protection metrics with Total debt/ Gross
Cash Accruals (GCA) below 10.00x.
* Improvement in operating cycle below 200 days and effective
utilization of working capital limits.
Negative factors
* Any further elongation in operating cycle resulting in stretch in
liquidity and any delays in debt obligations.
Analytical approach: Standalone
Outlook: Stable
The stable outlook reflects that the company is expected to sustain
its operational performance with a reputed clientele, benefits
derived from captive power and extensive experience of the
promoters.
Detailed description of the key rating drivers:
Key weaknesses
* Moderate scale of operations: The operating income of DSM stood
relatively moderate and had declined from INR179.07 crore in FY22
(refers to the period April 1 to March 31) to INR87.50 crore in
FY23 due to the slowdown in demand. PBILDT margin of the company
moderated to 8.43% in FY23 from 4.93% in FY22 with higher overhead
costs and reduced capacity utilization.
* Elongated operating cycle: The operating cycle of the company
elongated from 135 days in FY22 to 312 days in FY23 with stretched
receivables and slow movement of finished goods due to industry
wide slowdown. The operating cycle further elongated to 363 days in
7mFY24 (refers to the period April 1 to October 31). The stretched
collection of receivables led to liquidity shortfall, and the
company had delayed in the term loan obligations during May 2023,
however the account has been regular since then as confirmed by the
bankers.
* Inherent volatility associated with prices of raw material and
yarn: The profitability of spinning mills depends largely on the
prices of cotton and cotton yarn which are governed by various
factors such as area under cultivation, monsoon, international
demand-supply situation, etc. The cotton being the major raw
material of spinning mills, movement in cotton prices without
parallel movement in yarn prices impact the profitability of the
spinning mills. The cotton textile industry is inherently prone to
the volatility in cotton and yarn prices.
* Moderate capital structure and weak debt protection metrics: The
capital structure of the company stood moderate, with overall
gearing of 1.21x as on March 31, 2023, compared to 1.06x as
on March 31, 2022. The debt coverage indicators stood weak with
Total debt / GCA of 27.69x (PY: 12.78x) as on March 31, 2023, on
account of lower accruals during FY23.
Key strengths
* Vast experience of the promoters in the textile industry: Mr. S
Subramani, aged 75 years is the Managing Director and promoter of
the company. He has experience in the textile industry for more
than five decades and is actively involved in company's operation.
Mr S Senthil Kumar, son of Mr S Subramani is the Joint Managing
Director of DSM. He is a commerce graduate and has experience in
the textile industry for more than 2 decades.
Liquidity: Poor.
The liquidity of DSM is poor with lower accruals of INR1.95 crore
against the repayment obligations of INR3.12 crore in FY24 and
lower cash balance of INR0.85 crore as on March 31, 2023. The
operating cycle of the company is higher at 312 days (PY: 135 days)
for FY23 on account of higher receivables and stagnant inventory
due to decline in demand. The average working capital utilization
of DSM stood high at 95% for past 12 months ended November 2023.
Divya Spinning Mills Private Limited (DSM) was incorporated in the
year 1999 by Mr. S. Subramani. DSM is located at Tirupur, Tamil
Nadu is engaged in manufacturing of cotton yarn and cloth. The
company has installed capacity of 36,000 spindles and 66 knitting
machines located at Getticheviyur, Tamil Nadu along with windmills
capacity of 5MW as on December 31, 2023. The company manufactures
mainly cotton hosiery yarn with an average count of 25s-40s.
EUROLIFE HEALTHCARE: Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Eurolife Healthcare Private Limited
Plot 21, Flat 105, Sector-16, Koparkairane
Navi Mumbai-400709, Maharashtra
Liquidation Commencement Date: December 19, 2023
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Krishna Chamadia
B-13, Anjani Complex, Perara Hill Road,
Anheri East, Mumbai-400099
Email: krishna@sphereadvisory.com
Email: elhcpl.cirp@gmail.com
Last date for
submission of claims: January 18, 2024
GRAVITATE VENTURES: Voluntary Liquidation Process Case Summary
--------------------------------------------------------------
Debtor: Gravitate Ventures Private Limited
52 Leiah Apartments
Vasundhara Enclave Delhi
East Delhi, DL 110096
Liquidation Commencement Date: December 22, 2023
Court: National Company Law Tribunal, New Delhi Bench
Liquidator: Mr. Pankaj Kumar Tiwari
D-9, Ground Floor, Lane No. 5, Mahavir Enclave,
New Delhi-110045
Email:ippankajtiwari@gmail.com
Telephone No:8826432340
Last date for
submission of claims: January 21, 2024
HIRIYUR URBAN: RBI Cancels Bank's Licence Citing Weak Financials
----------------------------------------------------------------
Moneycontrol reports that the Reserve Bank of India (RBI) on
January 12 said it has cancelled the licence of The Hiriyur Urban
Co-operative Bank over inadequate capital and earning prospects.
"The continuance of the bank is prejudicial to the interests of its
depositors, the bank with its present financial position would be
unable to pay its present depositors in full, and public interest
would be adversely affected if the bank is allowed to carry on its
banking business any further," the RBI said in a press release.
After the cancellation of licence, the bank is prohibited from
conducting the business of 'banking' which includes, acceptance of
deposits and repayment of deposits with immediate effect, the RBI
added.
Moneycontrol relates that the central bank said on liquidation,
every depositor would be entitled to receive deposit insurance
claim amount of his/her deposits up to a monetary ceiling of INR5
lakh from Deposit Insurance and Credit Guarantee Corporation
(DICGC) subject to the provisions of DICGC Act, 1961.
As per the data submitted by the bank, 99.93 percent of the
depositors are entitled to receive full amount of their deposits
from DICGC.
As on Sept. 30, 2023 DICGC has already paid INR224.53 lakh of the
total insured deposits based on the willingness received from the
concerned depositors of the bank, release said.
INNOVASSYNTH TECHNOLOGIES: CARE Cuts Rating on LT Loan to B+
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Innovassynth Technologies (india) Limited (ITL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 29.99 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE BB-; Stable
Short Term Bank 10.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 29,
2022, placed the rating(s) of ITL under the 'issuer
non-cooperating' category as ITL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. ITL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 15, 2023, October 25, 2023, November 4,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised on account of non-availability of
requisite information. Further, the revision considers the decline
in operating profitability and net loss reported in FY23 compared
to FY22.
Innovassynth Technologies (India) Limited (ITIL) was incorporated
in 2002, by Mr. S.B. Ghia and Rajan Raheja group. ITIL is engaged
in contract manufacturing of speciality chemicals, custom synthesis
of intermediates used in manufacturing of drugs by pharmaceutical
and drug discovery entities and contract research and development.
Its manufacturing facility is located at Khopoli, Maharashtra.
JEPH BEV: Liquidation Process Case Summary
------------------------------------------
Debtor: Jeph Bev Private Limited
Plot No. 36, 37 Tagore Nagar, Jaipur
Rajasthan-302024, India
Liquidation Commencement Date: December 22, 2023
Court: National Company Law Tribunal, Jaipur Bench
Liquidator: Anoop Bhatia
C-44, Model Town, Malviya Nagar,
Jaipur, Rajasthan-302017
Email: ip.anoopbhatia@gmail.com
Email: cirp.jbpl@gmail.com
Last date for
submission of claims: January 21, 2024
KATHA-O-KAHINI: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Katha-O-Kahini (Book Sellers) Private Limited
13 BANKIM CHATTERJEE STREET,
KOLKATA-700073, West Bengal, India
Insolvency Commencement Date: December 21, 2023
Estimated date of closure of
insolvency resolution process: June 17, 2024
Court: National Company Law Tribunal, Kolkata Bench
Insolvency
Professional: Rachna Anchalia
Madhuvan Apartment, 5th Floor,
Flat-B5, 48/11 Jessore Road,
Kolkata-700055
E-mail id: ca.rachna1978@gmail.com
C/o Anil Anchalia & Co.
16B Robert Street, 2nd Floor,
Kolkata 700012
E-mail id: kkpl.cirp@gmail.com
Last date for
submission of claims: January 4, 2024
M VENKATACHALAPATHI: ICRA Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-term rating of
M Venkatachalapathi in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING/[ICRA]A4 ; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 0.50 [ICRA]B+(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
Short Term- 6.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term- 3.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with M Venkatachalapathi, ICRA has been trying to seek information
from the entity so as to monitor its performance. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
M Venkatachalapathi is a sole prop firm in Bengaluru, Karnataka. It
is into the business of construction of commercial and residential
buildings. It is also into the business of construction of roads
and irrigation projects. The firm generally works on government
civil projects with Bruhat Bengaluru ahanagar Palike (BBMP),
Karnataka PWD and Shimoga Smart City Limited.
MAHASHAKTI COLD: CARE Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mahashakti
Cold Storage Private Limited (MCSPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.30 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 7,
2022, placed the rating(s) of MCSPL under the 'issuer
non-cooperating' category as MCSPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. MCSPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 23, 2023, November 2,
2023, November 12, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Mahashakti Cold Storage Private Limited. (MCSPL), incorporated in
the year 1984, is a Burdwan (West Bengal) based company, promoted
by the Kundu family. It is engaged in the business of providing
cold storage services to potato growing farmers and potato traders,
having an installed storage capacity of 179,696 quintals in Burdwan
district of West Bengal. Mr. Naba Kumar Kundu (Director) looks
after overall management of the company. Mr. Naba Kumar Kundu has
more than two decades of experience in cold storage business and is
supported by a team of experienced professionals who have rich
experience in the same line of business.
MITHUN REDDY: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mithun
Reddy (MR) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.22 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 12,
2022, placed the rating(s) of MR under the 'issuer non-cooperating'
category as MR had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MR continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 28, 2023, November 7, 2023, November 17, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Mithun Reddy (MR) refers to Joint Borrowers namely: Mr. R Mithun,
Mr. C Ramesh and Mr. R Bharat. The said individuals have come
together to lease their property, a building with an aggregate area
of 51,866 square feet, to lessee 'M/S Narayana E Techno School
(NETS). NETS having schools across Karnataka and has entered into a
lease agreement with Mithun Reddy on June 27, 2014, in order to
start a school on the scheduled premises located at Bangalore
District.
N. D. PLASTICS: ICRA Keeps B- Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term and short-term rating of N. D. Plastics
in the 'Issuer Not Cooperating' category. The ratings are denoted
as [ICRA]B-(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.00 [ICRA]B-(Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 3.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term/ 1.00 [ICRA]B-(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
As part of its process and in accordance with its rating agreement
with N. D. Plastics, ICRA has been trying to seek information from
the entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
N.D. Plastics was established as a proprietorship firm in 1987 with
the objective of trading in Polypropylene. The firm is engaged in
the business of import and trading of polymer products like LDPE
(Low-density polyethylene), LLDPE (Linear low-density
polyethylene), HDPE (High-density polyethylene), PVC (Poly Vinyl
Chloride) etc. The company has a warehouse located in Bhiwandi,
Thane.
NAYATI HEALTHCARE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Nayati Healthcare & Research Private Limited
901, 201, Heritage City, MG Road Phase-2,Gurgaon,
DLF City, Haryana, India, 122022
Insolvency Commencement Date: December 22, 2023
Estimated date of closure of
insolvency resolution process: June 19, 2024 (180 Days)
Court: National Company Law Tribunal, Chandigarh Bench
Insolvency
Professional: Arvind Mittal
H. No 1900, Phase-3, J J Colony, Madanpur Khaddar,
Sarita Vihar, New Delhi,
National Capital Territory of Delhi- 110076
Email: arvindmittal81@yahoo.com
F-327, First Floor, Old MB Road,
Village Lado Sarai 110030
Email: cirp.nayatihealthcare@gmail.com
Last date for
submission of claims: January 5, 2024
POLYMECH COMPONENTS: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Polymech
Components Private Limited (PCPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.43 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 28,
2022, placed the rating(s) of PCPL under the 'issuer
non-cooperating' category as PCPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. PCPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 14, 2023, October 24, 2023, November 3,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Established in 1982 as a partnership firm, Poly-Mech Components
Private Limited (PMCPL) is engaged in the manufacturing of auto
components and construction hardware parts at its plant located at
Shahapu, Thane. PMCPL manufactures various products (such as hose
clamps, circlips, bearing pullers, washers, snap ring, spring steel
parts, sheet metal components, steel clamps, pipe clamps, sanitary
clamps) which find application in automobiles, construction and
engineering sector.
PS TOLL: ICRA Hikes Rating on INR708cr Term Loan to C+
------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of PS Toll
Road Private Limited (PSTRPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term–
Fund-based–
Term loan 708.00 [ICRA]C+; upgraded from [ICRA]D
Long-term–
Unallocated
Limits 82.00 [ICRA]C+; upgraded from [ICRA]D
Rationale
The rating upgrade for PSTRPL considers the regularisation in debt
servicing by the company from June 2023 onwards, aided by healthy
toll collections and fund infusion cumulating to INR115.6 crore
from the sponsor (Reliance Infrastructure Limited, RInfra) during
FY2023 to FY2024. The project's long established tolling track
record of 13+ years, along with favourable location, on the
Mumbai-Chennai stretch of the Golden Quadrilateral, offers
strategic benefits to its operations, which is reflected in its
healthy toll revenue of ~INR408 crore and INR288.2 crore for FY2023
and 8M FY2024, respectively, aided by a traffic growth of ~18% in
FY2023.
The rating remains constrained by the prolonged delays in project
completion and the ongoing dispute between PSTRPL and the National
Highways Authority of India (NHAI, rated [ICRA] AAA(Stable)) over
penalties for the delay in project completion and premium payable
in line with the provisions of the Concession Agreement. The total
claim amount by NHAI from the company stands at ~INR2,973 crore as
of September 2023 including claims related to non-payment of
premium (and accrued interest) of ~INR375 crore. PSTRPL has made
counter claims of ~INR2,581 crore, primarily pertaining to EPC
contractor-related claims. Any crystallisation in this claim
liability would have an adverse impact on its credit profile. The
project achieved provisional completion on April 30, 2022 subject
to completion of pending punch list works (of INR184.9 crore)
within ensuing 90/180 days (for punch list A and B respectively),
though the same has been delayed due to challenges like unhindered
right-of-way, rainfall and other local issues as per the lender's
engineer report. The balance work outstanding was INR106.09 crore
as on September 30, 2023 with the management expecting to complete
punch list A by January 31, 2024 before applying for final
completion certificate. PSTRPL has applied for descoping of work
pertaining to hindered stretches of land. Further, it is
undertaking its first major maintenance expenditure, which is
estimated at ~INR70 crore (phased over FY2024 and FY2025). ICRA
notes that although the company has maintained a debt service
reserve account (DSRA) balance of INR25.9 crore as on November 30,
2023, it is lower than the lenders' stipulated DSRA to cover
succeeding three months' principal and interest obligations.
Notwithstanding the track record of toll collections, the project
remains exposed to risks inherent in BOT (toll) road projects,
including risks arising from political acceptability of rate hikes
linked to WPI over the concession period and interest rate risk,
given the floating nature of interest rates.
Key rating drivers and their description
Credit strengths
* Operational nature of the project; established traffic and toll
collection track record: PSTRPL has regularised its debt servicing
from June 2023 onwards, supported by infusion of funds by the
sponsor. The project, which has an operational track record of 13+
years, received provisional completion certificate on April 30,
2022, subject to completion of pending punch list works within
ensuing 90/180 days (for punch list A and B respectively). However,
the balance work outstanding was INR106.09 crore as on September
30, 2023. The management expects to complete work pertaining to
punch list A by January 31, 2024 before applying for the final
completion certificate. Toll collection for FY2023 and 8M FY2024
stood at ~INR408 crore and INR288.2 crore respectively. The project
stretch is part of the Mumbai – Chennai stretch of the Golden
Quadrilateral, connecting major cities of Pune, Kolhapur and
Bangalore. It has witnessed a healthy YoY traffic growth of ~18% in
FY2023. Traffic is majorly composed of cars (70%-75%) and
buses/trucks (11%-13%). Traffic volumes are supported by major
tourist attractions like Mahabaleshwar, Panchgani and Kas Pathaar
near the stretch.
Credit challenges
* Continued delays in project execution; exposed to residual
execution risk: There have been prolonged delays in project
execution for around a decade (original scheduled completion date
was March 31, 2013). Till date, PSTRPL has received NHAI's approval
for extension of timeline for construction till December 31, 2015.
ICRA notes that the Independent Engineer has recommended extension
of time on multiple occasions. However, the same are yet to be
approved by NHAI.
* Sizeable contingent liability, primarily on account of claims
filed by authority: The dispute between the company and NHAI over
penalties for the delay and NHAI premium is subject to arbitration.
The total claim amount by NHAI on the company stands at ~INR2,973
crore as of September 2023 including claims related to non-payment
of premium (and accrued interest) of ~INR375 crore. PSTRPL has made
counter claims of ~INR2,581 crore, primarily pertaining to EPC
contractor-related claims. Any crystallisation in this claim
liability would have an adverse impact on its credit profile. It
has started paying premium in line with the provisions of the
Concession Agreement, i.e., INR14.57 crore per month for FY2024
only from October 2023 onwards (to be escalated by 5% annually).
Any crystallisation of NHAI's claim liability would have an adverse
impact on the company's credit profile.
* Risks inherent to toll road projects and interest rate risk: The
project remains exposed to risks inherent in BOT (toll) road
projects, including risks arising from variation in traffic volume
over the project stretch and its dependence on the economic
activity in the surrounding regions. Moreover, it is vulnerable to
movement in WPI (for toll rate hike), political acceptability of
toll rate hikes over the concession period, development/improvement
of alternative routes and likelihood of toll leakages. Further, the
project's cash flows and profitability remain exposed to the
interest rate risk due to the floating nature of the interest rate.
ICRA notes that although company has maintained a DSRA balance of
INR25.9 crore as on November 30, 2023, it is lower than the
lenders' stipulated DSRA to cover succeeding three months'
principal and interest obligations.
Liquidity position: Stretched
The prolonged capital expenditure, coupled with suspension of toll
collections in the past, has strained PSTRPL's cash flows,
necessitating dependence on sponsor support cumulating to ~INR115.6
crore in FY2023 and FY2024. While toll collections are satisfactory
to take care of the scheduled debt obligations and routine O&M
expenses, any adverse outcome of the ongoing arbitration
proceedings on claims and outstanding NHAI deferred premium could
result in cash flow mismatches and remains a key monitorable. As on
November 30, 2023, the free cash balance stood at ~INR87 crore,
which will be utilised towards pending capex as well as the ongoing
MM activity.
Rating sensitivities
Positive factors – The rating could be upgraded on sustained and
material improvement in debt coverage metrics and creation of
stipulated reserves in line with lenders requirements. Moreover,
improved clarity on outstanding NHAI premium payouts is also vital
for rating upgrade.
Negative factors – Any weaker-than-expected toll collections
resulting in weakening in debt coverage metrics and/or any
unfavourable outcome on disputes with NHAI could lead to downward
movement in ratings.
Incorporated in February 2010, PSTPRL is a special purpose vehicle
promoted by RInfra. The erstwhile shareholding of 26% by Jiangsu
Provincial Transportation Engineering Group Co. Ltd. (JTEG) was
bought by RInfra in FY2023. The scope of work included widening of
Pune - Satara stretch from four lanes to six lanes on design,
build, finance, operate and transfer basis under NHDP Phase V in
Maharashtra. The project is a part of NH-4 and starts at km 725.00
and ends at km 865.35 of NH-4 with a total length of about 140.35
km. The project was awarded by NHAI based on the highest premium
quoted of INR90.90 crore in the first year, i.e., from October
2010.
RAMESHWAR TEXTILE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Rameshwar Textile Mills Private Limited
Office Address:
71-73, Old Hanuman Lane, Kalbadevi Rd,
Shah Bhavan, Mumbai,
Maharashtra, India, 400002
Principal Office:
1. Plot No. 3, Rameshwar House,
Unity Estate, Near CNG Pump,
Bhestan, Surat-394520, Gujarat
2. 827, G.I.D.C.,
Sachin, Surat-394520, Gujarat
Insolvency Commencement Date: January 2, 2024
Estimated date of closure of
insolvency resolution process: June 30, 2024
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Kailash Thanmal Shah
505, 21st Century Business Centre,
Nr. World Trade Centre,
Ring Road, Surat 395002, Gujarat
E-mail: ipktshah@gmail.com
E-mail: rameshwar.cirp@gmail.com
Last date for
submission of claims: January 16, 2024
SAT INDIA: ICRA Lowers Rating on INR5.50cr LT Loan to D
-------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Sat
India Limited (SIL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 5.50 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating downgraded from
Cash Credit [ICRA]B-(Stable) and continues
to remain under 'Issuer Not
Cooperating' category
Rationale
The rating downgrade reflects Public Announcement for Corporate
Insolvency as mentioned in publicly available sources. The rating
is based on limited information on the entity's performance since
the time it was last rated on May 19, 2023. The lenders, investors
and other market participants are thus advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity, despite
the downgrade.
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.
SIL was incorporated in the year 1994 by Mr. Prashant Saraogi as a
public limited company and commenced its commercial production from
June 2015. The company is currently managed by its directors Mr.
Prashant Saraogi, Ms. Swati Saraogi, Mr. Raghunandan Chimpa. The
company has its registered office located in Kolkata. The company
is involved in the business of manufacturing of copper wires under
the brand name "Connection". SIL has its manufacturing unit located
in Bhiwadi, Rajasthan having installed capacity of 4320 MTPA.
SATHYA LIFESTYLES: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sathya
Lifestyles Private Limited (SLPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 28,
2022, placed the rating(s) of SLPL under the 'issuer
non-cooperating' category as SLPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SLPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 14, 2023, October 24, 2023, November 3,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in 2011, Sathya Lifestyle Private Limited (SLPL) is
into developing of real estate properties. Currently, the company
is executing a residential-cum-commercial project named "Sathya
Lifestyles" at Palghar East, Thane.
SHARADA AYURVEDIC: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sharada
Ayurvedic Medical College (Run By Sri Basava Education Charitable &
Social Welfare Trust) (SAMCBSBECSWT) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.65 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 14,
2022, placed the rating(s) of SAMCBSBECSWT under the 'issuer
non-cooperating' category as SAMCBSBECSWT had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SAMCBSBECSWT continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and a letter/email dated October 30, 2023,
November 9, 2023, November 19, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Sharada Ayurvedic Medical College (SAMCBSBECSWT) is a under
construction college established under Sri Basava Education
Charitable & Social Welfare Trust (SBE). The trust was established
in the year 2004 with trustees as Mr. Chandrashekhar Kuppi, Mr.
Prabhu Kuppi, Mrs. Nagaratna Kuppi, Mr. Somnath Reddy and Mr.
Lingraj. The trust is a closely held family owned trust in Yadgir
district of Karnataka.
SINGRAULI FINLEASE: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Singrauli
Finlease Private Limited (SFPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 5.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated December 16,
2022, placed the rating(s) of SFPL under the 'issuer
non-cooperating' category as SFPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SFPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 1, 2023, November 11, 2023, November
21, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Varanasi-based, Singrauli Finlease Private Limited (SFPL) was
incorporated in August 1996. SFPL is engaged in the trading of
coal. The company trades in industrial grade of coal, which is used
by brick manufacturing units and as fuel in boilers in industries.
SFPL is promoted by Mr. Ratan Singh and Mrs. Arti Singh in the
capacity of directors.
STERLING GLOBAL: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sterling
Global Oil Resources Private Limited (SGORPL) continues to remain
in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6,390.83 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 7,
2022, placed the rating(s) of SGORPL under the 'issuer
non-cooperating' category as SGORPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SGORPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated September 23, 2023, October 3,
2023, January 10, 2024.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
SGORPL is the energy arm of the erstwhile Sandesara Group headed by
Mr. Nitin Sandesara. The Sandesara group had harboured diversified
business interests ranging from Oil & Gas, Pharmaceuticals,
Healthcare Engineering, Infrastructure, Onshore rigs, Seismic
studies and Oil trading.
SUN-POWER METALICS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Sun-power Metalics Private Limited
Office No. 810, Tandice 69, Govindnagar,
Andheri-Kurla Rd, Nr. Darpan Tele. Exchange,
Andheri-E, Mumbai City,
Mumbai, Maharashtra, India, 400093
Insolvency Commencement Date: January 2, 2024
Estimated date of closure of
insolvency resolution process: June 30, 2024 (180 Days)
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Rajan Garg
Flat No. 202, Wing B, 2nd Floor,
Safal Twins, Block Punjabwadi,
Sion Trombay Road, Deonar
Mumbai Suburban, Maharashtra-400088
Email: fcarajangarg@gmail.com
Suite No. 5, 8th Floor 207,
Embassy Center, Jamnalal Bajaj Marg,
Nariman Point, Mumbai Maharashtra-400021
Email: sunpower.sipl@gmail.com
Last date for
submission of claims: January 16, 2024
SUPERFINE PROFILE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Suferfine Profile and Extrusions Private Limited
Gat No 58/1, Nagar Kalyan Road A/P Bhalwani,
Tal-Parner, Maharashtra 414103
Insolvency Commencement Date: January 3, 2024
Estimated date of closure of
insolvency resolution process: June 30, 2024
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Jitendra Palande
Office No. 411, 4th Floor, Kakade Bizz,
Icon, Pune 411005
Email: jitendra@7crllp.com
Email: cirp.spepl@gmail.com
Last date for
submission of claims: January 18, 2024
TAJSHREE CARS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tajshree
Cars Private Limited (TCPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.85 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated January 4,
2023, placed the rating(s) of TCPL under the 'issuer
non-cooperating' category as TCPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. TCPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 20, 2023, November 30, 2023, December
10, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
TCPL was established in the year 2013. The company is an authorized
dealer for the four wheelers of Honda Cars India Limited (Honda) in
Nagpur region.
TDRL TRADING CO: CARE Lowers Rating on INR4cr LT Loan to B-
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
TDRL Trading Co (TTC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Short Term Bank 5.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 25,
2022, placed the rating(s) of TTC under the 'issuer
non-cooperating' category as TTC had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. TTC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 11, 2023, October 21, 2023, October 31,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to bank facilities of TTC have been revised on
account of non – availability of requisite information.
New Delhi, Delhi based TDRL Trading Co (TTC) was established in the
year 2013 as a proprietorship firm. The firm is currently managed
by Mr. Gaurav Aggarwal. The firm is engaged in the trading of EVA
(Ethylene Vinyl Acetate) and PVC (Poly vinyl chloride) resin of
different grades. The firm imports around 33% in FY21 of its
products from countries like Thailand, Saudi Arabia, South Korea,
Taiwan and China and rest from wholesalers located in the domestic
market. The firm sells its products directly to different plastic
products and shoes manufacturing companies located in Uttarakhand,
Uttar Pradesh, Delhi and Haryana.
TEJAS TRADEFIN: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Tejas Tradefin LLP
306, Mahavir Commercial Complex, M.G Road,
Derasar Lane, Ghatkopar East,
Mumbai, Maharashtra, India 400077
Insolvency Commencement Date: January 2, 2024
Estimated date of closure of
insolvency resolution process: June 30, 2024 (180 Days)
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Dhanshyam Patel
322, Zest Business Spaces,
M G Road, Ghatkopar East,
Mumbai 400 077
Email: cirp.tejas@gmail.com
Email: dpatel@ckpatel.com
Last date for
submission of claims: January 19, 2024
TIRUPATI EXPORT: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tirupati
Export and Import Corporation (TEIC) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 28,
2022, placed the rating(s) of TEIC under the 'issuer
non-cooperating' category as TEIC had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. TEIC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 14, 2023, October 24, 2023, November 3,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Delhi based Tirupati Export and Import Corporation (TEIC) was
established in April, 1999 as a proprietorship by Mr. Balmukund
Jhunjhunwala. Mr. Balmukund Jhunjhunwala looks after the overall
operations of the firm. TEIC is primarily engaged in the wholesale
trading of plastic granules which find application in the packaging
industry. The firm procures majority of the plastic granules from
Luxembourg and Singapore and sells them to packaging manufacturers
in Noida, Agra and Varanasi.
USHA PRABHA: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Usha
Prabha Industries (UPI) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.86 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.20 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 11,
2022, placed the rating(s) of UPI under the 'issuer
non-cooperating' category as UPI had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. UPI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 27, 2023, October 7, 2023, October 17,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
UPI was established in 2011. The firm is engaged in the business of
casting of auto components for commercial vehicles. The major raw
materials used for manufacturing the said products are M.S. scrap
and pig iron. The products offered by the firm are clutch housing
and hydraulic lift housing of different ranges for tractors which
are mainly supplied to Mahindra and Mahindra Limited (M&M).
VARUTHA DEVELOPERS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Varutha Developers Private Limited
Registered Office:
Unit No. 709, 7th Floor,
Merlin Infinite DN-51, Sector-V,
Salt Lake City, Kolkata - 700091
Books of Accounts Maintained:
Trinity Tower, 4th Floor, Room No. 6
83 Topsia Road (South), Kolkata - 700046
Insolvency Commencement Date: December 20, 2023
Estimated date of closure of
insolvency resolution process: June 17, 2024
Court: National Company Law Tribunal, Kolkata Bench
Insolvency
Professional: Anil Kumar Mittal
5/99, Sector-2, Rajender Nagar,
Sahibabad, Distt. Ghaziabad, Uttar Pradesh - 201005
Email: mittalanil.ubi@gmail.com
C/o Resurgent Resolution Professionals LLP
Central Plaza, 2/6, Sarat Bose Road, 7th Floor,
Room No. 708, Kolkata - 700020
Email: cirn.varutha(a)gmail.com
Last date for
submission of claims: January 3, 2024
VASTRANI EXPORT: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s Vastrani Export Private Limited
TA-104, Basement Gali No. 2,
Tughlakabad Extension,
Delhi 110019
Insolvency Commencement Date: January 1, 2024
Estimated date of closure of
insolvency resolution process: June 29, 2024
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Mr. Sunil Kumar Agrawal
E-205, LGF, Greater Kailash-II, New Delhi 110048
Email: aggarwalsk21@yahoo.com
904, GF, Sector-7C,
Fadirabad-121006
Email: cirpvastrani2024@gmail.com
Last date for
submission of claims: January 18, 2024
VEERAJ CONSTRUCTION: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term and Short- Term rating of Veeraj
Construction in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]D ; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 3.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 6.50 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Veeraj Construction, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Veeraj Construction, a partnership firm based out of Nashik,
Maharashtra, is involved in executing irrigation and water supply
projects on a turnkey basis. The firm was established as a
proprietorship firm in 2006 by Mr. Sanjay Kotecha who traces his
lineage to Kotecha Group – the second largest manufacturer of
prestressed pipes in India. The proprietorship concern was
converted into a partnership firm in 2009, with Mrs.Vandana
Kotecha, wife of Mr. Sanjay, as the partner.
WATERFRONT BUILDCON: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Waterfront Buildcon LLP
7th Floor, Sun Plaza, Hari Om Nagar,
Off Eastern Express Highway, Mulund (East),
Mumbai, Maharashtra Pin-400081, India
Insolvency Commencement Date: January 2, 2024
Estimated date of closure of
insolvency resolution process: June 29, 2024 (180 Days)
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Mr. Shaikh Nafis Anjum
A-34 Lower Ground, Vikas Puri, New Delhi-110018
Email: sn.anjum123@gmail.com
Flat No. A206,
Prateek Stylome Apartment,
Sector-45 Noida,
Uttar Pradesh- 201303
Email: waterfrontbuildcon.cirp@gmail.com
Last date for
submission of claims: January 16, 2024
WEISSHORN REALTY: ICRA Reaffirms B Rating on INR195cr NCDs
----------------------------------------------------------
ICRA has reaffirmed the ratings on certain bank facilities of
Weisshorn Realty Private Limited (WRPL, earlier known as Picard
Angst India Private Limited), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-convertible
debentures (NCDs) 195.00 [ICRA]B(Stable); reaffirmed
Rationale
The rating reaffirmation factors in the favourable location of the
proposed residential project of WRPL in the prime western suburb
Santacruz, with proximity to key commercial areas in Mumbai. The
rating is, however, constrained by WRPL's exposure to high
execution risk, with project execution yet to start. The project
cost (excluding interest cost) of INR179.1 crore is proposed to be
funded by NCDs of INR122 crore (68%), which are subscribed by the
parent company and customer advances of INR57.1 crore (32%). The
NCDs have a five-year tenure and carry a coupon of 18% per annum,
payable at the end of the tenure. The company is exposed to
refinancing risks with the NCDs having a bullet repayment at the
end of its five-year tenure (FY2028). The project faces high market
risks as the sales are yet to be launched. Besides, the rating is
constrained by the high geographical risk inherent in
single-project companies and the cyclicality in the real estate
industry, which could impact WRPL's sales as well as
profitability.
The Stable outlook on the long-term rating reflects ICRA's
expectation that the company will be able to achieve adequate
bookings, given the favourable location of the project.
Key rating drivers and their description
Credit strengths
* Favourable location of project: The project is located in
Santacruz, which is a prime western suburb in Mumbai for
residential projects and is also a commercial hub. Moreover, it
shares proximity to key commercial areas in Mumbai.
Credit challenges
* Exposure to project execution and market risks: The project is at
a nascent stage with land acquired as on date, exposing it to
significant execution risks with respect to time and cost overrun.
With the project yet to be launched commercially, the market risk
remains high. Timely inflow of advances remains important for
successful completion of the project.
* Refinancing risk at maturity for the NCDs: The project cost
(excluding interest cost) of INR179.1 crore is proposed to be
funded by NCDs of INR122 crore (68%), which are subscribed by the
parent company and customer advances of INR57.1 crore (32%). The
NCDs have a five-year tenure and carry a coupon of 18% per annum,
payable at the end of the tenure. The company is exposed to
refinancing risks with the NCDs having a bullet repayment at the
end of its five-year tenure (FY2028).
* Exposure to risks and cyclicality in India's real estate sector:
The real estate sector is cyclical and marked by volatile prices
and a highly fragmented market structure because of many regional
players. In addition, being a cyclical industry, the real estate
sector is highly dependent on macro-economic factors, which exposes
the company's sales to any downturn in demand and competition
within the region from various established developers.
Liquidity position: Stretched
WRPL's liquidity position remains stretched with dependence on
customer advances for project completion. The company has cash
balance of INR29.4 crore as on March 31, 2023, which were infused
by promoters.
Rating sensitivities Positive factors - Healthy bookings and
collections from the project leading to improved cash flows and
debt coverage indicators could lead to a rating upgrade.
Negative factors - Any cost overrun or unforeseen delay in
completing the project could exert pressure on the company's
ratings. Considerable delays in bookings leading to subdued
collections may also warrant a rating downgrade.
Weisshorn Realty Private limited (WRPL) was set up in 2019 for
undertaking/supervising construction activities within the real
estate sector in India. It is a 100% subsidiary of Luxembourg REO
Company SARL (Luxembourg REO), which is a Luxembourg-based real
estate investment company. Luxembourg REO was incorporated in 2018
with the objective of making investments in real estate assets
across the globe with WRPL being the first investment venture. WRPL
has its registered office in Delhi.
YASHODA COLD: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Yashoda
Cold Storage Private Limited (YCSPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.87 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated December 15,
2022, placed the rating(s) of YCSPL under the 'issuer
non-cooperating' category as YCSPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. YCSPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 31, 2023, November 10,
2023, November 20, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Farrukhabad-Uttar Pradesh based Yashoda Cold Storage Private
Limited (YCSPL) is incorporated in 2010 by Katiyar family for
providing warehousing storage facility of perishable product mainly
potatoes to nearby farmers and other players. Company's routine
operations are managed by Mr. Kuldeep Katiyar. The company is
engaged in renting of its cold storage facility for potatoes to the
local farmers in Uttar Pradesh.
===============
M A L A Y S I A
===============
1MDB: Malaysia Considers Legal Proceedings Against Foreign Banks
----------------------------------------------------------------
Reuters reports that Malaysia is considering initiating legal
proceedings against foreign banks linked to the multi-billion
dollar 1Malaysia Development Berhad (1MDB) corruption scandal, the
chairman of the 1MDB asset recovery taskforce said on Jan. 23.
According to Reuters, Johari Abdul Ghani did not identify the
foreign banks but said they did not conduct proper due diligence
before facilitating fund transfers related to the sovereign fund.
Malaysian and U.S. investigators estimate $4.5 billion was stolen
from 1MDB, implicating a former Malaysian prime minister, Goldman
Sachs staff and high-level officials elsewhere.
In 2021, Malaysia sued units of Deutsche Bank, JP Morgan and Coutts
& Co to recover billions in alleged losses from the fund, though
the cases have yet to progress in court, Reuters states.
"The 1MDB task force is firmly committed in addressing the 1MDB
matter transparently and holding all parties accountable," Reuters
quotes Johari as saying in a statement.
Separately, he added that Malaysia had responded on Nov. 8 to an
arbitration request by Goldman Sachs, and the two parties were in
the process of agreeing on a procedural timetable, Reuters
reports.
Goldman Sachs in 2020 had agreed to pay $3.9 billion to settle
Malaysia's criminal probe over its role in the scandal.
But the parties are now in disagreement over the settlement, which
stipulates that Goldman should make an interim payment if Malaysia
did not recover at least $500 million from the firm by August
2022.
Goldman sued Malaysia in a British court in October last year for
the Malaysian government's violation of its obligations to
appropriately credit assets against the guarantee provided by
Goldman in the settlement agreement and to recover other assets
worth $1.4 billion.
Reuters relates that Malaysia has denied the allegations it
breached the settlement deal, and on Jan. 23 accused Goldman Sachs
of trying to offset 1MDB fines and settlements recovered from other
institutions such as AmBank, and Abu Dhabi's International
Petroleum Investment Co (IPIC) against the $1.4 billion sum.
Johari said the fines and settlements were not within the scope of
Goldman's asset recovery guarantee.
Reuters adds that the 1MDB taskforce was also examining whether
negotiators and lawyers representing the Malaysian government at
the time failed to secure a fair and adequate settlement from
Goldman, given the firm's role in the scandal.
Goldman had helped 1MDB raise $6.5 billion through bond sales,
earning $600 million in fees, which was "unusually high", Johari
said.
"Such lapses on the part of negotiators and lawyers, in failing to
negotiate a fair and clear settlement agreement have compromised
the government of Malaysia's position in the ongoing dispute,"
Johari said.
About 1MDB
Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent
Malaysian strategic development company, wholly owned by the
Malaysian Minister of Finance. 1MDB was established in 2009 to
foster long-term economic development for the country by forging
global partnerships, particularly in energy, real estate, tourism,
and agribusiness.
The Company was founded shortly after Dato Sri Najib Razak became
Prime Minister of Malaysia in July 2009. Najib said the
establishment of 1MDB into a federal entity was to benefit a
majority of Malaysians.
1MDB is said to have raised billions of dollars in bonds, for
investment projects and joint ventures, between 2009 and 2013.
Among those projects are the Tun Razak Exchange, Tun Razak
Exchange's sister project Bandar Malaysia, and the acquisition of
three independent power producers.
The Company came into heavy scrutiny in 2015 for suspicious money
transactions and evidence pointing to money laundering, fraud and
theft. The corruption scandal in 1MDB has implicated high-level
officials, including Prime Minister Najib Razak, as wells as banks
and financial institutions around the world.
In 2016, the U.S. Department of Justice filed a lawsuit, alleging
that at least US$3.5 billion has been stolen from 1MDB. In
September 2020, the alleged amount stolen had been raised to US$4.5
billion and a Malaysian government report listed 1MDB's outstanding
debts to be US$7.8 billion.
Malaysia has been filing lawsuits over the years in an effort to
recover the missing billions of dollars. Among others, in May
2021, Malaysia filed 22 civil suits against entities and people
involved in the corruption scandal, including units of Deutsche
Bank and JP Morgan.
Malaysia said in September 2020 it has so far recovered about
US$3.24 billion in assets linked to the 1MDB matter. This amount
includes about US$600 million cash and assets returned by U.S.
authorities; about US$2.5 billion paid by Goldman Sachs as
settlement; as well as US$780 million in settlement amounts from
Malaysian banking group AmBank and audit firm Deloitte.
CAPITAL A: Has Until June 30 to Submit PN17 Regularization Plan
---------------------------------------------------------------
theedgemalaysia.com reports that Capital A Bhd now has up till June
30, 2024 to submit its proposal to regularise its Practice Note 17
(PN17) condition after getting Bursa Malaysia's approval for
another six-month extension - its fourth extension in a row.
The group, which announced this in a Friday filing, was placed in
Bursa's PN17 list of financially-distressed entities in January
2022.
It was initially supposed to submit the plan by Jan. 7, 2023, but
the deadline was extended thrice - first to July 7, then to Oct. 7
and subsequently to Dec. 31, 2023.
According to theedgemalaysia.com, Capital A just announced less
than two weeks ago that it will be merging its airline businesses
with AirAsia X Bhd. The deal would involve Capital A divesting all
its short-haul airline businesses to AAX, including Thai AirAsia Co
Ltd (TAA), which is held under Capital A's 43%-owned Thai-listed
Asia Aviation PCL. AAX owns 49% of TAA.
The merger, coupled with the upcoming listing of Capital A's brand
royalty business and aircraft leasing unit in the US, would help
Capital A in lifting its PN17 status, according to Capital A chief
executive officer Tan Sri Tony Fernandes at the time, relays
theedgemalaysia.com.
Capital A's board of directors had approved the merger but
negotiations were still ongoing, Mr. Fernandes said.
Post-merger, Capital A will be left with four businesses, namely
its aviation maintenance business under Asia Digital Engineering
Sdn Bhd, super app segment under its 96.19%-owned AirAsia SuperApp
Sdn Bhd, logistics business under the 77.56%-owned Teleport
Everywhere Pte Ltd and the digital payments business under its
99.56%-owned BigPay Pte Ltd, the report adds.
About Capital A
Capital A Bhd, formerly known as AirAsia Group Bhd, provides
low-cost air carrier service. The company provides services on
short-haul, point-to-point domestic and international routes.
Capital A, headquartered in Malaysia, operates from hubs in
Malaysia, Thailand, Indonesia, Philippines and India. The airline's
Malaysia and Thailand operations are undertaken via AirAsia Bhd and
Thai AirAsia Co Ltd while AirAsia Group's Indonesia and Philippines
operations are managed under PT Indonesia AirAsia and Philippines
AirAsia Inc.
As reported in the Troubled Company Reporter-Asia Pacific on Jan.
18, 2022, Capital A is in the midst of formulating a plan to
regularize its financial condition to address its Practice Note 17
(PN17) status.
Capital A triggered the PN17 suspended criteria in July 2020 after
its external auditors, Ernst & Young PLT, issued an unqualified
audit opinion with material uncertainty relating to going concern
in respect of its audited financial statements for the financial
year ended Dec. 31, 2019 (FY19) and its shareholders' equity on a
consolidated basis was 50% or less of its share capital.
Capital A also triggered the prescribed criteria pursuant to
Paragraph 8.04 and Paragraph 2.1(a) of PN17 of Bursa's Main Market
Listing Requirements (Main LR), where AirAsia's shareholders'
equity on a consolidated basis was 25% or less of its share capital
and the shareholders' equity is less than MYR40 million based on
the audited financial statements for FY20.
Following relief measures introduced by Bursa and the Securities
Commission Malaysia, Capital A was not classified as a PN17 listed
issuer and was not required to comply with the obligations under
Paragraph 8.04 and PN17 of the Main LR for a period of 18 months
from the date of the first relief announcement, theedgemarkets.com
said. The date of the first relief announcement was July 8, 2020,
and the 18-month period ended on Jan. 7, 2022. Under the relief
measures, companies that triggered any of the suspended criteria
between April 17, 2020 and June 30, 2021, would not be classified
as a PN17 and Guidance Note 3 (GN3) company for 12 months.
In October 2023, Capital A has requested for an extension to submit
its regularisation plan to Bursa Malaysia, making it the third
request made by the financially-distressed company. In a filing to
the bourse, Capital A said it had sought for an extension until
Dec. 31, 2023.
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N E W Z E A L A N D
=====================
ALISHA'S FINE FOOD: Court to Hear Wind-Up Petition on March 8
-------------------------------------------------------------
A petition to wind up the operations of Alisha's Fine Food Limited
will be heard before the High Court at Auckland on March 8, 2024,
at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Dec. 6, 2023.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
BOXER GROUP: Shopping Warranty Service Goes Into Liquidation
------------------------------------------------------------
BusinessDesk reports that a globally backed New Zealand shopping
service business has gone bust, and liquidators estimate it owes
roughly NZD36 million.
Founded 10 years ago, Boxer Group Services developed software that
provided global shipping warranties to online retailers.
The software was based on intellectual property licensed from its
ultimate holding company, LocalCover Group Holdings - registered in
Hong Kong.
Companies Office filings show Scott Kendall, the chief executive
according to his LinkedIn page, and Philip James are the company's
two directors, BusinessDesk discloses.
CAMERON REALTY: Court to Hear Wind-Up Petition on Feb. 12
---------------------------------------------------------
A petition to wind up the operations of Cameron Realty Limited will
be heard before the High Court at Hamilton on Feb. 12, 2024, at
10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Nov. 16, 2023.
The Petitioner's solicitor is:
Christina Anne Hunt
Inland Revenue, Legal Services
21 Home Straight
PO Box 432
Hamilton
DYNAMIC OUTDOOR: Creditors' Proofs of Debt Due on Feb. 9
--------------------------------------------------------
Creditors of Dynamic Outdoor Solutions Limited and W.G.L.R. Limited
are required to file their proofs of debt by Feb. 9, 2024, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Jan. 11, 2024.
The company's liquidators are:
Steven Khov
Kieran Jones
Khov Jones Limited
PO Box 302261
North Harbour
Auckland 0751
GLOBAL PROTEIN: Waterstone Insolvency Appointed as Receivers
------------------------------------------------------------
Damien Grant and Adam Botterill of Waterstone Insolvency on Jan.
12, 2024, were appointed as receivers and managers of Global
Protein Logistics Limited, Roydon Patrick Hartnett and Tania Mary
Graham.
The receivers and managers may be reached at:
Waterstone Insolvency
16 Piermark Drive
Rosedale
Auckland 0632
LITTLE LONDON: BDO Tauranga Appointed as Liquidators
----------------------------------------------------
Paul Thomas Manning and Thomas Lee Rodewald of BDO Tauranga on Jan.
18, 2024, were appointed as liquidators of Little London Limited.
The liquidators may be reached at:
BDO Tauranga Limited
Level 1, The Hub
525 Cameron Road
PO Box 15660
=================
S I N G A P O R E
=================
BC CONCEPT: Court to Hear Wind-Up Petition on Feb. 2
----------------------------------------------------
A petition to wind up the operations of BC Concept + Design Pte Ltd
will be heard before the High Court of Singapore on Feb. 2, 2024,
at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Jan. 11, 2024.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
EMBRIO CONSULTING: Creditors' Meetings Set for Feb. 2
-----------------------------------------------------
Embrio Consulting Pte. Ltd. and Embrio Enterprises Pte. Ltd. will
hold a meeting for its creditors on Feb. 2, 2024, at 10:00 a.m. and
11:00 a.m., respectively, via electronic means.
Agenda of the meeting includes:
a. to present a Statement of the Company's affairs showing in
respect of assets the method and manner in which the
valuation of the assets was arrived at, together with a list
of the creditors and the estimated amount of the claims;
b. to consider the nomination of the Liquidators for the
Company and on the appointment of Mr Saw Meng Tee and Mr Ong
Shyue Wen as the Liquidators of the Company;
c. to appoint a Committee of Inspection if deemed necessary;
and
d. Any other business.
Saw Meng Tee and Ong Shyue Wen of EA Consulting Pte Ltd (a
subsidiary of EisnerAmper PAC) were appointed as Provisional
Liquidators of the companies on Jan. 12, 2024.
FABU PACKAGING: Court to Hear Wind-Up Petition on Feb. 9
--------------------------------------------------------
A petition to wind up the operations of Fabu Packaging Pte Ltd will
be heard before the High Court of Singapore on Feb. 9, 2024, at
10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Jan. 15, 2024.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
HEILA CRANES: Creditors' Proofs of Debt Due on Feb. 19
------------------------------------------------------
Creditors of Heila Cranes South East Asia Pte. Ltd. are required to
file their proofs of debt by Feb. 19, 2024, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Jan. 10, 2024.
The company's liquidators are:
Chan Kwang Cheng
Tee Lian Choy
105 Cecil Street
#15-02 The Octagon
Singapore 069534
RISEBRID PTE: Court to Hear Wind-Up Petition on Feb. 9
------------------------------------------------------
A petition to wind up the operations of Risebrid Pte Ltd will be
heard before the High Court of Singapore on Feb. 9, 2024, at 10:00
a.m.
Maybank Singapore Limited filed the petition against the company on
Jan. 15, 2024.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
TERRAFORM LABS: Case Summary & 15 Unsecured Creditors
-----------------------------------------------------
Debtor: Terraform Labs Pte. Ltd.
1 Wallich Street
#37-01
Guoco Tower Singapore 078881
Business Description: Terraform is a Singapore-based company that
develops, markets, and sells crypto-assets.
Chapter 11 Petition Date: January 21, 2024
Court: United States Bankruptcy Court
District of Delaware
Case No.: 24-10070
Debtor's
Local
Counsel: Zachary I. Shapiro, Esq.
RICHARDS, LAYTON & FINGER, P.A.
One Rodney Square, 920 North King Street
Wilmington, Delaware 19801
Tel: (302) 651-7700
Email: shapiro@rlf.com
Debtor's
Attorneys: Ronit Berkovich, Esq.
WEIL, GOTSHAL & MANGES LLP
767 Fifth Avenue
New York, New York 10153
Tel: (212) 310-8000
Email: ronit.berkovich@weil.com
Debtor's
Special
Litigation
Counsel: DENTONS US LLP
1221 Sixth Ave
New York, NY 10020
Debtor's
Special
Foreign
Counsel: WONGPARTNERSHIP LLP
12 Marina Boulevard
Level 28 Marina Bay Financial Centre Tower 3
Singapore 018982
Debtor's
Financial
Advisor: ALVAREZ & MARSAL NORTH AMERICA, LLC
600 Madison Ave
New York, NY 10022
Debtor's
Claims
Agent: EPIQ CORPORATE RESTRUCTURING, LLC
777 Third Avenue
New York, New York 10017
Estimated Assets
(on a consolidated basis): $100 million to $500 million
Estimated Liabilities
(on a consolidated basis): $100 million to $500 million
The petition was signed by Chris Amani as chief executive officer.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/MLZAJXA/Terraform_Labs_Pte_Ltd__debke-24-10070__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 15 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. K&L Gates LLP Trade Payable $3,474.50
Attn: Drew Hinkes
210 Sixth Avenue
K& Gates Center
Pittsburgh, PA 15221
United States
Drew Hinkes
Tel: 302-416-7000
Fax: 617-261-3100
Email: drew.hinkes@klgates.com
2. Cheang & Lee Sanitary Trade Payable $1,812.39
Plumbing Pte Ltd
Attn: Eric Chee
Manager
21 Toh Guan Rd. E
#06-13 Toh Guan Centre
Singapore 608609
Eric Chee
Tel: +65 68966488
Email: main@clspc.com.sg
3. ACA Energ Pte Ltd Trade Payable $757.58
Attn: Pohyee Song
27 Mandai Estate
#07-07
Innovation Place Tower 2
Singapore, 722931
Email: pohyee.song@acaengrg.com
4. Pagerduty, Inc. Trade Payable $747.00
Attn: Jennifer Tejada CEO
Dreamplus 1219 311
Gangnam-Daero
Seocho-Gu
Seoul, 16628
Korea, Republic Of
Tel: 415-805-7070
Email: jennifer.tejada@pagerduty.com
5. SingTel Trade Payable $100.96
Attn: Boon Koh
CFO
31 Execter Road Comcentre
Singapore, 239732
Tel: +65 68383888
Fax: +65 67328428
6. Archer Marketing & Trade Payable $81.58
Development (S) Pte Ltd
Attn: Vincent Chiua
Managing Director
4 Penjuru Place
#01-23
2.8 Penjuru Tech Hub
Singapore, 608782
Tel: +65 67772272
Fax: +65 67771179
Email: accounts@archer.com.sg
7. SUBMC1 Trade Payable $7.76
1 Wallich Street
#31-01 Guoco Tower
Singapore, 078881
Email: aliceleaw@guocoland.com
8. CloudFlare, Inc. Trade Payable Undetermined
Attn: Michelle Zatlyn
Co-Founder and President
101 Towersend St
San Francisco, CA 94107
United States
Tel: 650-319-8930
Email: mzatlyn@cloudflare.com
9. Ethan Lee Employee Undetermined
Address on File Reimbursement
10. Nansen Pte. Ltd. Trade Payable Undetermined
Attn: Alexander Svanevik
111 Somerset Rd, #03-09
Singapore 238164
Email: alex@nansen.ai
11. Securities and Exchange Litigation Undetermined
Commission
Attn: Devon Staren
100 F Street N.E.
Washington, DC 20549-5985
Email: starend@sec.gov
12. Standard Crypto Venture Fund Investment Undetermined
Attn: Ashley Sweren
Head of Operations
1225 4th Street
#525
San Francisco, CA 94158
United States
Email: ashley@standardcrypto.vc
13. Token Terminal Oy Trade Payable Undetermined
Piene Roobertinkatu 9
00130 Helsinkski
Finland
Email: rasmus@tokenterminal.xyz
14. TPC Commercial Pte Ltd. Lease Termination Undetermined
Attn: Cheng Hsing Yao
Principal
1 Wallich Street
#31-01
Guco Tower
Singapore 078881
Tel: +65 65334312
Email: hcheng@guocoland.com
15. TQ Ventures Investment Undetermined
Attn: Andrew Marks
Partner
408 West 14th Street
4th Floor
New York, NY 10014
United States
c/o: Eshares, Inc. DBA Carta, Inc.
333 Bush Street, Suite 2300
San Francisco, CA 94104
Tel:917-887-5574 / 650-669-8381
Email: andrew@tqventues.com
TERRAFORM LABS: Files for Bankruptcy Protection in US
-----------------------------------------------------
Reuters reports that Terraform Labs (TFL), the company behind the
stablecoin TerraUSD, which collapsed and roiled cryptocurrency
markets in 2022, filed for Chapter 11 bankruptcy in the United
States, according to court papers filed on Jan. 21.
Singapore-based Terraform Labs, in a filing with the bankruptcy
court in Delaware, listed assets and liabilities in the range of
$100-$500 million.
According to Reuters, Terraform Labs said it would meet all
financial obligations to employees and vendors during the Chapter
11 case without requiring additional financing. It also plans to
continue Web3 offerings expansion.
"The filing will allow TFL to execute on its business plan while
navigating ongoing legal proceedings, including representative
litigation pending in Singapore and U.S. litigation involving the
Securities and Exchange Commission (SEC)," Terraform Labs said in a
statement.
Reuters says the SEC's civil case against Terraform and Kwon is
linked to the collapse of TerraUSD, a "stablecoin" designed to
maintain a constant $1 price, and the more traditional token Luna,
which closely associated with TerraUSD.
Recently, a federal judge postponed the trial of the SEC against
the company and its co-founder, Do Kwon, over an alleged $40
billion cryptocurrency fraud, to enable Kwon's extradition for his
participation, Reuters relays.
According to Reuters, Kwon and Terraform Labs were held responsible
for two cryptocurrencies whose collapse caused turbulence in crypto
markets around the world two years ago.
Both cryptocurrencies lost an estimated $40 billion or more when
TerraUSD failed to maintain its $1 peg in May 2022.
About Terraform Labs
Based in Seoul, Korea, Terraform Labs Pte. Ltd. operates a
price-stable cryptocurrency. The Company seeks to power the
next-generation payment network and grow the real GDP of the
blockchain economy. Terraform labs provides financial
infrastructure for the next generation of decentralized
application.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2024. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***